Comera Life Sciences Announces Bridge Financing and Exercise of Take Private Option

WOBURN, Mass., Jan. 04, 2024 (GLOBE NEWSWIRE) -- Comera Life Sciences Holdings, Inc. (OTCQB: CMRA) (“Comera” or the “Company”), a life sciences company developing a proprietary drug-delivery technology to improve patient access, safety, and convenience, today announced the closing of a bridge financing with a syndicate of investors. Following the closing, the investors exercised a purchase option to acquire all of the outstanding common stock of the Company not already held by the investors to take the Company private. The financing and option exercise follows a robust effort by the Company, led by a Special Committee of the Company’s Board of Directors, to explore strategic alternatives to maximize shareholder value.

Comera will continue to focus on licensing the Company’s proprietary SQore technology platform to strategic partners to enable them to develop and commercialize subcutaneous versions of their biologics.

“In the last 6 months, we have expanded our portfolio of proprietary excipients and expertise to successfully reduce the viscosity of a diverse range of monoclonal antibodies,” said Jeff Hackman, Chief Executive Officer of Comera. “Our data demonstrate the ability to enable subcutaneous delivery without impacting the pharmacokinetic profiles of the biologic which would enable our strategic partners to rapidly enable self-administration of their products while also potentially extending patent protection of those products.”

As disclosed in the Company’s Current Report on Form 8-K filed with the SEC, on December 29, 2023, the Company completed a private placement of 12.0% Senior Secured Convertible Notes due 2024 in the aggregate principal amount of $1.5 million and accompanying warrants to purchase up to an aggregate of 54,545,442 shares of the Company’s common stock. Principal and accrued interest under the Notes is convertible at the election of the investors from time to time into shares of the Company’s common stock at a conversion price of $0.055 per share (subject to adjustment in accordance with the terms of the Notes), which was the closing sale price of the Company’s common stock on the OTCQB market on the trading day immediately preceding the closing date. The Notes are secured by a first priority lien on substantially all of the assets of the Company. The Company intends to use the proceeds from the private placement for working capital and general corporate purposes.